Working capital deficit includes trade and other receivables, prepaid
expenses and deposits, trade and other accrued liabilities,
and the other liability

Funds from Operations Increase from Higher Natural Gas Prices

Funds from operations, excluding dividends received from Longview Oil
Corp ("Longview"), for the third quarter of 2012 increased 40% to $10.3
million or $0.06 per share as compared to the second quarter of 2012.
The tax-free dividend income received from Longview amounted to $3.2
million ($0.02 per share) during the third quarter of 2012 as a result
of Advantage's current 45.2% ownership in the shares of Longview.
Funds from operations improved due to a 20% increase in the average
AECO Canadian natural gas price to $2.28/mcf for the current quarter.
Advantage's realized natural gas price of $2.04/mcf includes among
other factors, deductions for unutilized TransCanada pipeline firm
service commitments at Glacier.

Production during Q3 2012 averaged 20,812 boe/d (94% natural gas)
compared to 22,068 boe/d during Q2 2012. Wet weather conditions at
Glacier extended into Q3 2012 causing lease access restrictions and
delaying completions on existing Montney wells that were drilled prior
to spring break-up in our Phase IV drilling program. As a result of
these completion delays, average daily production at Glacier was
approximately 90 mmcf/d during Q3 2012. Advantage production was also
impacted during the quarter due to an extended production curtailment
at our Lookout Butte property (1,000 boe/d) in southern Alberta. The
curtailment began in June 2012 due to maintenance activities at a third
party gas plant and was prolonged due to a fire that occurred at the
same location. Lookout Butte is now expected to be brought back on
production by December 2012.

Operating expense for the current quarter was $5.42/boe as compared to
the immediate prior quarter of $5.16/boe. The second quarter of 2012
benefited from the receipt of several equalization payments in respect
of prior years which reduced operating expenses.

Advantage's average royalty rate during the third quarter of 2012 was
4.6% as compared to 7.4% in the prior quarter. Advantage's royalty
rates have decreased due to lower natural gas prices and lower average
royalties as production from Glacier becomes a larger proportion of
total production.

Capital expenditures for the three months ended September 30, 2012 were
$23.5 million, primarily related to completion of 4 Upper Montney wells
from our inventory of 14 Phase IV wells that were drilled and not
completed prior to spring break-up. Capital during Q3 2012 was also
directed to the commencement of additional delineation drilling in the
Middle Montney formation.

As of September 30, 2012, bank indebtedness was $154.0 million, leaving
an undrawn credit facility of $146.0 million. In addition, Advantage's
45.2% ownership in the shares of Longview had an asset value of
approximately $150 million as at September 30, 2012. Our undrawn
credit facility, ownership of Longview shares and cash flow provide
financial flexibility to support our Montney drilling and completion
plans.

Non-Core Asset Sale and Strategic Review

On August 22, 2012, Advantage announced that it would market for sale
all of the Corporation's remaining non-core assets, defined as all
corporate assets excluding Advantage's core Glacier Montney natural gas
asset and its 21.15 million share ownership position in Longview Oil
Corp. The non-core assets produced a total of approximately 6,425 boe/d
(79% gas and 21% oil and NGL) during the nine months ended September
30, 2012. A financial advisor was retained and the non-core asset
disposition process commenced in September 2012.

The Board of Directors (the "Board") believes that its core Glacier
asset is materially undervalued in the context of the Corporation's
current market valuation and that disposing of non-core assets will
simplify the Corporation leading to a greater appreciation of its core
Glacier asset as well as generate proceeds that may be used for debt
repayment, special dividends or otherwise deployed to enhance
shareholder value as the Board may determine appropriate. Advantage's
Board believes that undertaking the non-core asset disposition process
at this time is in the best interests of the Corporation's
shareholders.

The Corporation further expects to be in a position to engage a
financial advisor and initiate a strategic alternatives process by the
end of 2012 to consider, among other transactions, the sale of Glacier
subject to completion of the ongoing middle Montney delineation
program.

It is the Corporation's current intention not to disclose developments
with respect to this process until the Board has approved a specific
transaction or otherwise determines that disclosure is necessary or
appropriate. The Corporation cautions that there are no assurances or
guarantees that this process will result in any transactions or, if any
transactions are undertaken, the terms or timing of any such
transactions.

Capital activities at Glacier resumed in September 2012 after longer
than anticipated wet weather delays. We completed 4 Upper Montney
wells which will be utilized to offset declines and maintain
production. Test rates in the Upper Montney continue to be strong with
a recent well demonstrating a test rate of 11 mmcf/d (after 78 hour
flow test at 4,600 kpa) and another new well commencing production in
October 2012 at 11 mmcf/d at 5,570 kpa.

An additional 10 Montney wells remain in inventory from our Phase IV
Program which we anticipate will provide a sufficient inventory to
maintain production at Glacier between 90 to 100 mmcf/d to Q4 2013
compared to our earlier estimate of mid-year 2013.

One of our three scheduled liquids rich Middle Montney delineation wells
was spud in September and rig released in October 2012. Initial
completion results on our Middle Montney wells are anticipated to be
available in early 2013.

We continue to be encouraged with production results from two of our
Middle Montney wells that were brought on-stream in early Q2 2012.
Production from these wells have continued to demonstrate shallow
declines with consistent liquids rich gas analysis indicating the
potential to prove up a large resource and the opportunity to improve
productivity. Our upcoming completions on the new Middle Montney wells
are targeted to evaluate modified completion and fracture stimulation
techniques.

Two Lower Montney wells are also scheduled to be completed in Q4 2012
with modified completion techniques to evaluate future optimization
potential.

Our 100% Working Interest Glacier gas plant currently has spare
processing capacity and we have secured a temporary arrangement with a
third party producer to process their gas volumes. Additional
optimization projects at our gas plant have been identified and will be
pursued to drive further operating cost efficiencies.

Looking Forward

Production during the second half of 2012 is expected to be
approximately 21,000 boe/d with capital expenditures of approximately
$60 million. Further information will be provided after the completion
of our non-core disposition process.

Our go forward capital program includes delineation drilling in the
Middle Montney and the completion and tie-in of our remaining inventory
of 10 wells from our Phase IV Program to maintain production at Glacier
between 90 mmcf/d and 100 mmcf/d. We have also determined that
obtaining more geological and engineering evaluation data from the
Middle Montney formation would be beneficial to further assess this
large resource potential. Additional capital expenditures will be
directed towards more Middle Montney coring and analysis and modified
drilling and completion practices.

Board of Directors Acknowledgement

The Board of Directors, Management and staff expresses their gratitude
and appreciation to Carol D. Pennycook and John A. Howard who have
stepped down from the Board. We wish to thank them for their
dedication and long term service to Advantage. Ms. Pennycook and Mr.
Howard's guidance and input have always been held in high regard and we
wish them well in future endeavours.

The Advantage Board of Directors now consists of 5 independent members
and 2 members of Management.

Interim Consolidated Financial Statements and MD&A

Advantage's unaudited interim consolidated financial statements for the
three and nine months ended September 30, 2012 together with the notes
thereto, and Management's Discussion and Analysis for the three and
nine months ended September 30, 2012 have been prepared in accordance
with International Financial Reporting Standards ("IFRS") and posted on
our website at www.advantageog.com and filed under our profile on SEDAR at www.sedar.com

AdvisoryThe information in this press release contains certain forward-looking
statements, including within the meaning of the United States Private
Securities Litigation Reform Act of 1995. These statements relate to
future events or our future intentions or performance. All statements
other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate", "plan",
"continue", "estimate", "demonstrate", "expect", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could",
"might", "should", "believe", "would" and similar expressions and
include statements relating to, among the anticipated closing date of
the offering by Advantage of common shares of Longview and the
anticipated use of proceeds of such offering; effect of commodity
prices on the Corporation's financial condition and performance and
future plans; expected production from the Glacier area and for the
Corporation as a whole; projected royalty rates; projected operating
expense and capital expenditures; our future operating and financial
results; supply and demand for crude oil and natural gas; projections
of market prices and costs; the Corporation's drilling and completion
plans; plans for development of the Middle Montney; the Corporation's
business strategy and it plans for its assets; and the Corporation's
expectations regarding its ability to protect Advantage's business in
the current industry and economic environment.

In addition, statements relating to "reserves" or "resources" are deemed
to be forward-looking statements, as they involve the implied
assessment, based on certain estimates and assumptions, that the
resources and reserves described can be profitably produced in the
future.

Advantage's actual decisions, activities, results, performance or
achievement could differ materially from those expressed in, or implied
by, such forward-looking statements and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking
statements will transpire or occur or, if any of them do, what benefits
that Advantage will derive from them.

These statements involve substantial known and unknown risks and
uncertainties, certain of which are beyond Advantage's control,
including: the impact of general economic conditions; the failure to
receive all regulatory approvals or any other conditions for the
offering by Advantage of common shares of Longview; the intended use of
the net proceeds of the offering of common shares of Longview might
change if the board of directors of Advantage determines that it would
be in the best interests of Advantage to deploy the proceeds for some
other purpose; industry conditions; actions by governmental or
regulatory authorities including increasing taxes, changes in
investment or other regulations; changes in tax laws, royalty regimes
and incentive programs relating to the oil and gas industry;
Advantage's success at acquisition, exploitation and development of
reserves; unexpected drilling results, changes in commodity prices,
currency exchange rates, capital expenditures, reserves or reserves
estimates and debt service requirements; the occurrence of unexpected
events involved in the exploration for, and the operation and
development of, oil and gas properties; hazards such as fire,
explosion, blowouts, cratering, and spills, each of which could result
in substantial damage to wells, production facilities, other property
and the environment or in personal injury; changes or fluctuations in
production levels; competition from other producers; credit risk;
individual well productivity; changes in laws and regulations including
the adoption of new environmental laws and regulations and changes in
how they are interpreted and enforced; fluctuations in commodity prices
and foreign exchange and interest rates; stock market volatility and
market valuations; liabilities inherent in oil and natural gas
operations; uncertainties associated with estimating oil and natural
gas reserves; competition for, among other things, capital,
acquisitions of reserves, undeveloped lands and skilled personnel;
incorrect assessments of the value of acquisitions; geological,
technical, drilling and processing problems and other difficulties in
producing petroleum reserves; obtaining required approvals of
regulatory authorities and ability to access sufficient capital from
internal and external sources. Many of these risks and uncertainties
and additional risk factors are described in the Corporation's Annual
Information Form which is available at www.sedar.com and
www.advantageog.com. Readers are also referred to risk factors
described in other documents Advantage files with Canadian securities
authorities.

With respect to forward-looking statements contained in this press
release, Advantage has made assumptions regarding: conditions in
general economic and financial markets; effects of regulation by
governmental agencies; current commodity prices and royalty regimes;
future exchange rates; royalty rates; future operating costs;
availability of skilled labor; availability of drilling and related
equipment; timing and amount of capital expenditures; and the impact of
increasing competition.

These forward-looking statements are made as of the date of this press
release and Advantage disclaims any intent or obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or results or otherwise, other than as
required by applicable securities laws.

References in this press release to initial production test rates,
initial "productivity", initial "flow" rates, "flush" production rates
and "behind pipe production" are useful in confirming the presence of
hydrocarbons, however such rates are not determinative of the rates at
which such wells will commence production and decline thereafter. While
encouraging, readers are cautioned not to place reliance on such rates
in calculating the aggregate production for Advantage.

Barrels of oil equivalent (boe) may be misleading, particularly if used
in isolation. A boe conversion ratio has been calculated using a
conversion rate of six thousand cubic feet of natural gas to one barrel
of oil. A boe conversion ratio of 6 mcf:1 bbls is based on an energy
equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.Given that the value ratio based on the current price of crude oil as
compared to natural gas is significantly different from the energy
equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.

The Corporation discloses several financial measures that do not have
any standardized meaning prescribed under IFRS. These financial
measures include funds from operations and cash netbacks. Management
believes that these financial measures are useful supplemental
information to analyze operating performance and provide an indication
of the results generated by the Corporation's principal business
activities. Investors should be cautioned that these measures should
not be construed as an alternative to net income, cash provided by
operating activities or other measures of financial performance as
determined in accordance with IFRS. Advantage's method of calculating
these measures may differ from other companies, and accordingly, they
may not be comparable to similar measures used by other companies.

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